Section 126.485 - Milk contractors; deferred payment contracts(1) CONTRACT IN WRITING. A milk contractor may not procure milk from any milk producer or producer agent under a deferred payment contract before the contract is reduced to writing and signed by the parties. The milk contractor shall provide a copy of the signed contract to the other party.(2) CONTENTS OF CONTRACT. A milk contractor may not enter into a deferred payment contract unless the deferred payment contract includes all of the following: (a) A unique contract identification number.(b) The specific payments required under s. 126.48(1) or (2) , or portion thereof, that are deferred under the contract.(c) The date by which the milk contractor agrees to make full payment for the milk.(d) The milk contractor's permanent business location.(e) A statement in clear and conspicuous print immediately above the contract signature line stating: "The milk contractor (buyer) becomes the owner of any milk that the producer or producer agent (seller) delivers to the milk contractor under this contract. The producer or producer agent relinquishes ownership and control of the milk, and may become an unsecured creditor pending payment."(f) A statement that the milk contractor deducts the deferred payment contract assessment established by the department by rule under s. 126.46(1) from the amount paid to a milk producer or producer agent under a deferred payment contract.(g) Other information required under this section by the department.(3) RULE MAKING. The department may promulgate rules to modify the requirements for the contents of deferred payment contracts under sub. (2).(4) PAYMENT DUE DATES. (a) The due date by which a milk contractor agrees to make full payment for milk under a deferred payment contract may not be more than 120 days after the date on which the milk contractor's payments would have been due under s. 126.48(2) .(b) A milk contractor shall make full payment under a deferred payment contract by the due date specified in the contract under sub. (2) (c), or if the parties agree by another date that satisfies par. (a).(5) DEFERRED PAYMENT CONTRACT ASSESSMENT. From the amount that a milk contractor pays to a milk producer or producer agent under a deferred payment contract, the milk contractor shall deduct a deferred payment contract assessment. The assessment shall equal the total amount owed under the contract before the assessment is deducted, multiplied by the deferred payment assessment rate that applies under s. 126.46(1) when the contract is made. The milk contractor shall disclose the assessment amount.Added by Acts 2018 ch, 155,s 66, eff. 4/28/2018.